Audits are projects that evaluate the design and operating effectiveness of aspects of Mason’s governance, risk management, control, and compliance processes.
Who performs audits?
University audits are performed by independent and objective audit teams of audit employees and contractors directed by the Office of University Audit. The teams use a standardized audit process for performing their work and use their critical thinking skills, experience, and professional judgement to balance flexibility with consistence in determining their evaluation of the audited area.
What happens during an audit?
While every audit is unique, we employ a three-phase process to plan and conduct our audit engagements:
- Planning - gathering information to obtain an understanding of the area being audited, potential risks, and audit approaches
- Evaluating - interviews, and examination of documents and transactions.
- Reporting - communicating audit results, recommendations, and management actions; and verifying completion of management's actions.
This process works best when university management and our office have a solid and constructive working relationship based on a clear and continuing communication through the audit engagement.
How do we select areas for audit?
Audit priorities are determined in a dynamic, flexible, risk-based manner using a frequently refreshed audit risk assessment which is reviewed at annually with the Audit, Risk, and Compliance Committee of the Board of Visitors. University Audit uses a “top-down “ and a “bottom-up” approach to developing its independent risk assessment which is used for determining priorities and selecting audit engagements to be performed. The “Top-down” approach seeks to identify macrolevel areas of current and/or potentially emerging interest to stakeholders. The “bottom-up approach is used to describe risk-based audit coverage across the university through the evaluation of Audit Risk Factors applied to Auditable Units.
How can you seek our advice or request an audit?
If you have a question or want to bounce an idea, just ask! We regularly discuss ideas with many stakeholders and individuals across the university and they appreciate our skills, experience, enterprise-level perspective, and professional judgement. Very few discussions evolve beyond a sharing of ideas and advice to more formal audit projects. Remember, we are here to help you help Mason – contact one of us via the information on the About Us page.
Who audits the auditors? (Quality Assurance)
Auditors are audited too! Professional standards and the Commonwealth of Virginia’s General Assembly requires regular external quality assessments of University Audit. The most recent assessment (December 20, 2022) concluded:
“The Office of University Audit generally conforms to the Institute of Internal Auditors Code of Ethics and the International Standards for the Professional Practice of Internal Auditing. A ‘generally conforms’ rating is the highest possible rating and reflects that the Office of University Audit has a charter, policies, and processes that are judged to be in accordance with the Code of Ethics and the Standards.”